Dasin Retail Trustir.dasintrust.com/newsroom/20200523_221906_CEDU_ZNV9BY4W3… · 1. As at 31...

Dasin Retail TrustInvestor Presentation

May 2020

2

Important Notice

This presentation is not an offer to sell, or a solicitation of an offer to buy, securities in the United States (including its territories and possessions, any state of the United States and the District of Columbia), European Economic Area, EuropeanUnion, Canada, Japan, Australia or any other jurisdiction. The securities referred to herein have not been, and will not be, registered under the Securities Act and may not be offered or sold within the United States or to or for the account orbenefit of any U.S. person, absent registration pursuant to the Securities Act or pursuant to an applicable exemption under the Securities Act and in compliance with any applicable U.S. state or local securities laws. No public offering ofsecurities of Dasin Retail Trust is being made, or will be made, in the United States.

The information in this presentation must not be published outside the Republic of Singapore and in particular, but without limitation, must not be published in any United States edition of any publication.

Notification under Section 309B of the Securities and Futures Act, Chapter 289 of Singapore: New units in Dasin Retail Trust are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets Products)Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

The past performance of Dasin Retail Trust is not necessarily indicative of its future performance. This presentation shall be read in conjunction with Dasin Retail Trust’s financial results for the year ended 31 December 2019 and its businessupdate presentation slides announced on 18 May 2020.

Accordingly, the accuracy of the information and opinions in this presentation is not guaranteed and this presentation may not contain all material information concerning Dasin Retail Trust (the “Business Trust”). Neither the Trustee-Manager,Zhongshan Dasin Real Estate Co., Ltd. (as the sponsor of Dasin Retail Trust, the “Sponsor”) nor any of their respective holding companies, subsidiaries, affiliates, directors, officers, partners, employees, agents, advisers (including, but not limitedto, legal advisers) or representatives make any promise, representation or warranty, whether as to the past or the future, express or implied, regarding, and assumes no responsibility or liability whatsoever (in negligence or otherwise) for, thefairness, accuracy, completeness or correctness of, or any errors or omissions in, any information or opinions contained herein nor for any loss (including in respect of direct, indirect or consequential loss or damage or otherwise) howsoeverarising from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation.

Certain statements made in this presentation may not be based on historical information or facts and may constitute “forward-looking” statements (including forward-looking financial information). Such forward-looking statements and/orfinancial information involve a number of factors, risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, the present and future business strategies,the environment in which Dasin Retail Trust will operate in the future, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income, changes in operatingexpenses, property expenses and governmental and public policy changes, and the continued availability of financing. The actual results, performance or achievements of Dasin Retail Trust or Dasin Retail Trust Management Pte. Ltd., asTrustee-Manager of Dasin Retail Trust (the “Trustee-Manager”), or industry results, may be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and/or financialinformation, as these statements and financial information reflect the Manager’s current views concerning future events and necessarily involve risks, uncertainties and assumptions.

Prospective investors and unitholders of Dasin Retail Trust (“Unitholders”) are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the Trustee-Manager on future events. Norepresentation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained in this presentation. None of the Trustee-Manager or any of their respective advisors, representatives or agents shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents orotherwise arising in connection with this presentation. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. The Trustee-Manager expresslydisclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement or financial information contained in this presentation to reflect any change in the Manager’s expectations with regardthereto or any change in events, conditions or circumstances on which any such statement or information is based, subject to compliance with all applicable laws and regulations and/or the rules of Singapore Exchange Securities TradingLimited (“SGX-ST”) and/or any other regulatory or supervisory body or agency.

The value of units in Dasin Retail Trust (“Units”) and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject toinvestment risks, including the possible loss of the principal amount invested.

Investors have no right to request the Trustee-Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on SGX-ST does notguarantee a liquid market for the Units. This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Units. The past performance of Dasin Retail Trust and the Trustee-Manageris not necessarily indicative of the future performance of Dasin Retail Trust and the Trustee-Manager.

Any discrepancies in the table and charts between the listed figures and total thereof are due to rounding. Where applicable, figures and percentages are rounded to one decimal place.

Contents

04 Dasin Retail Trust Overview

22 Portfolio Overview

27 Financial Performance

35 Development of Proposed Acquisition

42 Outlook

Dasin Retail Trust Overview

▪ Comprises 5 retail malls with a diversified tenant mix located within Guangdong-Hong Kong-Macao Greater Bay Area (“GBA”)

▪ The only China retail property trust in GBA listed on SGX

▪ Total GFA of 602,836 sqm

▪ The Sponsor is Zhongshan Dasin Real Estate Co., Ltd, (referred to as Dasin Holdings), holding approximately 60% of interest o A large ecological chain private enterprise with businesses in commercial, real estate, building, property

service, retail, catering, food, hotel, technology, education, finance, medical treatment and land transport

5

Dasin Retail Trust Overview

6

Dasin Retail Trust Investment Highlights

▪ Assets are strategically located in the rising retail market fuelled by the GBA developmentso The GBA promotes regional economic development, encouraging population and tourism growtho Zhongshan City will benefit from economic resource redistribution due to increasing connectivity with developed

cities such as Shenzhen and Hong Kong

▪ Backed by a strong Sponsor with a focus on the GBAo Established large private conglomerate with over 16 years of track recordo Developed the first shopping centre in Zhongshan Cityo Established a comprehensive retail ecosystem to stay relevant with changing times

▪ Visible ROFR pipeline providing access to a pool of high quality propertieso 17 ROFR properties across 3 cities

▪ Experienced management team focused on proactive risk managemento Active mall management to ensure constant upgrading assets and optimization of space utilizationo Asset Enhancement Initiative (“AEI”), along with built-in rental escalation in the leases provide income stability and

organic growtho Strong relationships with the tenants, resulting in high occupancy rate with well-spread Weighted Average Lease to

Expiry (“WALE”)

7

3. Dasin E-Colour Mall

2. Shiqi Metro Mall

1. Xiaolan Metro Mall

4. Ocean Metro Mall

7

6

1 2 3

4

5

5 retail malls in Zhongshan City and Zhuhai City(1)

Occupancy rate: 96.8%(1) GFA: 602,836 sqm(1)

Enlarged portfolio post acquisition GFA: 793,752 sqm

7. Proposed acquisition: Shunde Metro Mall

6. Proposed acquisition: Tanbei Metro Mall

5. Doumen Metro Mall

The Only Retail Property Trust in GBA listed on SGX

Note: 1. As at 31 March 2020.

4.4%

14.3%0.4%

1.4%1.5%

10.1%

14.8%16.5%

20.6%

13.0%2.9%

Supermarket /HypermarketFood & Beverage / FoodcourtServices

Sports & Fitness

Others

Fashion

IT & Electronics

General Retail

Department Store

Home Furnishings

Leisure & Entertainment

6%

11%

50%

65%

39%

20%

4%

3%

NLA

GRI

Fixed Rent

Fixed Rent with Built-in Escalation

Higher of Base Rent or Turnover Rent

Pure Turnover Rent

Notes: 1. As at 31 December 2019.2. As at 31 March 2020

32.1 33.0 32.7 31.431.9 32.2 32.6 31.4

1Q 2Q 3Q 4Q

2018 2019

8

Shiqi Metro Mall

Commencement of Operations May 2004

GFA (sqm) 119,682

Valuations(1) (RMB mil) 2,994.0

Occupancy Rate(2) 97.9%

Gross revenue FY2019 (RMB mil) 128.1

Notable tenantsWatsons, Starbucks, KFC, Xin Xuanrestaurant

▪ Shiqi Metro Mall, with over 16 years of history, is the first shopping mall in Zhongshan

▪ Primarily targeting mid-income households in the core urban area of Zhongshan

2018-2019 Quarterly Revenue (RMB’mil)

Lease StructureTenant Mix (by GRI)

5% 15%

23%

16%2% 6%

4%6%

57%

38%

9%19%

NLA GRI NLA GRI NLA GRI NLA GRI NLA GRI NLA GRI

FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 &Beyond

WALE

5% 20%4%

10%

7%15% 3% 4%

19%

8%

62%

43%



9

Xiaolan Metro Mall

Commencement of Operations September 2005

GFA (sqm) 108,690




Notable tenantsChow Tai Fook, McDonald’s, KFC, Pizza Hut

and HaidiLao Hot Pot


▪ Xiaolan Metro Mall is located in Xiaolan Town, one of the largest suburban towns in terms of residential population

WALE Lease Structure

33.531.6

34.9

27.230.4

32.8 33.6 32.4

1Q 2Q 3Q 4Q

2018 2019

Notes: 1. As at 31 December 2019.2. As at 31 March 2020.

4.5%

18.1%

3.1%

0.1%2.7%

20.8%

7.9%

16.9%

18.7%

5.3%

2.1%

Supermarket /HypermarketFood & Beverage /Food courtServices

Sports & Fitness

Others

Fashion

IT & Electronics

General Retail

Department Store

Home Furnishings

Tenant Mix (by GRI)

3%

18%

59%

71%

34%

10%

3%

1%

NLA

GRI

Fixed Rent



Pure Turnover Rent

6% 17%9%

20%

2% 4% 2% 4%

16%

17%

65%

39%


FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 &Beyond 10

Ocean Metro Mall



▪ Ocean Metro Mall is strategically located in the Eastern District within the core urban area of Zhongshan

▪ Positioned as a mid- to high-end modern and experiential shopping mall

19.420.7

18.8 19.119.8 20.4 20.0 19.4

1Q 2Q 3Q 4Q

2018 2019

WALE

Commencement of Operations December 2014

GFA (sqm) 180,338




Notable tenantsHaidiLao Hot Pot, Carrefour, Jinyi Cinema, Starbucks, McDonald’s, Nike and Adidas

5.9%

29.4%

1.7%

7.0%7.9%

11.0%0.8%

4.5%

16.3%

6.6%

8.9%


Sports & Fitness

Others

Fashion

IT & Electronics

General Retail

Department Store

Home Furnishings

Leisure &Entertainment

Tenant Mix (by GRI) Lease Structure

4%

11%

35%

41%

59%

47%

1%

1%

NLA

GRI

Fixed Rent



Pure Turnover Rent

28%

31%

72%

69%

NLA

GRI

Fixed Rent Fixed Rent with Built-in Escalation

8%18%

15%

49%

48%

12% 0% 0% 2% 2%

27%

19%




WALE

24.8%

27.6%

2.0%

4.3%

9.5%

31.9%


Sports & Fitness

Others

Fashion

IT & Electronics

General Retail

Department Store

Home Furnishings


11

Dasin E-Colour


▪ Situated opposite the University of Electronic Science and Technology of China (Zhongshan) Institute

▪ Originally a furniture mall which underwent asset enhancement initiative to transform it into a trendy shopping destination

Commencement of Operations May 2015

GFA (sqm) 25,857

Valuations(1) (RMB mil) 309.5



Notable tenantsXinHua Bookstore, Big E and Xin Xuan Restaurant

3.9 4.03.7

4.24.0 4.2 4.1 4.0

1Q 2Q 3Q 4Q

2018 2019

Tenant Mix (by GRI) Lease Structure

0.3%

0.5%

46%

78%

17%

12%

37%

9%

NLA

GRI

Fixed Rent



Pure Turnover Rent

12

Doumen Metro Mall

Rationale of acquisition on 12 September 2019:

✓ The only large-scale shopping mall within the city;

✓ One step further to diversifying incomeout of Zhongshan;

✓ Attractive acquisition prices;✓ Positive impacts on financials and

operations

Notes: 1. As at 31 December 20192. As at 31 March 20203. Acquisition was completed on 12 September 2020. Refer to the total revenue from 13 September 2019 to 31 December 2019

▪ A large-scale integrated shopping mall, provides one-stop destination for entertainment, F&B and retail activities

▪ Doumen district is the second largest district in Zhuhai in terms of resident population.

Commencement of Operations October 2018

GFA (sqm) 168,269



Gross revenue FY2019 (RMB mil) 31.5(3)

Notable tenantsUniqlo, Starbucks, McDonald’s, Suning, RT-Mart, Hutaoli and HaidiLao Hot Pot

Lease Structure

5.5%

29.5%

1.6%

2.5%7.5%23.8%

3.4%

14.6%

4.2%7.4%


Sports & Fitness

Others

Fashion

IT & Electronics

General Retail

Department Store

Home Furnishings

Tenant Mix (by GRI)

1% 3%

12%28%

4% 6%

10%

15% 4%4%

69%

44%



WALE

0.3%

1%

51%

68%

34%

18%

15%

14%

NLA

GRI

Fixed Rent



Pure Turnover Rent

13

Proposed Acquisition: Shunde Metro Mall

Note: 1. As at 31 December 2019.

▪ Located in Daliang Town of Shunde District, has the most resident population in Shunde District

▪ Large scale residential communities, schools and relatively mature commercial zone within Daliang Town and the nearby Ronggui Town

Rationale of proposed acquisition:

✓ Sizeable catchment in the ShundeDistrict, allowing for strong economic performances and development growth;

✓ Further consolidation of the Trust’s properties in the Greater Bay Area;

✓ Attractive acquisition prices;✓ Distinctive architecture;✓ Positive impacts on financials and

operations

Commencement of Operations November 2018

GFA (sqm) 177,276

Valuations(1) (RMB mil) 2,533.0m


Notable tenants

AEON, JY Cinema, Starbucks, HaidiLao Hot Pot, Starhucks, Haagen Dazs, Pizza Hut and KFC

11.1%

27.0%

1.5%

3.4%11.0%2.1%

25.2%

7.6%

5.3%5.9%


Sports & Fitness

Others

Fashion

IT & Electronics

General Retail

Department Store

Home Furnishings

Leisure &Entertainment

3… 7%

13%

23%

1% 2%

13%

17%

15%

11%

54%

40%



Tenant Mix (by GRI) WALE Lease Structure

14

Proposed acquisition: Tanbei Metro Mall

Note: 1. As at 31 December 2019.

▪ First shopping mall in Dongsheng Town

▪ Growing township with more schools, hospitals and commercial zone are planned to be built

Commencement of Operations March 2018

GFA (sqm) 13,640

Valuations(1) (RMB mil) 77.2


Notable tenants Shinwa Supermarket, Xin Xuan

Rationale of proposed acquisition:

✓ The only shopping mall in Dongsheng Town, situated near a number of residential communities;

✓ Convenient transport network; ✓ Attractive acquisition prices;✓ Positive impacts on financials and

operations

30.8%

48.5%

4.0%

16.8%


Sports & Fitness

Others

Fashion

IT & Electronics

General Retail

Department Store

Home Furnishings


0% 0% 0% 1%

17%

10%

12%

2% 3% 2%

67%

85%



54%

27%

46%

73%

NLA

GRI



Tenant Mix (by GRI) WALE Lease Structure

15

Yield Compared to Other Investments

8.5%

4.4%4.0% 4.0%

3.2%2.5%

1.7%

0.6%

Dasin Retail Trust FSTREI Yield FSSTI Yield FTSRE Yield China 10-year Govt Bond Yield CPF Ordinary Account Singapore 10-year Govt BondYield

12 Month Fixed Deposit (S$)

Total returns since listing to 15 May 2020(1)

Dasin Retail Trust 24.9%

Straits Times Index -5.3%

Singapore REITs 23.5%

FTSE Real Estate Holding & Development Index -12.3%

China-focused S-REITs 16.0%

Notes: 1. Dasin Retail Trust was listed on 20 January 2017.2. Based on FY2019 distribution per unit of 6.82 cents (with distribution waiver) and offering price of S$0.80 as at IPO. DRT’s FY2019 distribution yield is 8.17% if based on the closing price of S$0.835 as at 31 December 2019.3. Average 12-month gross dividend yield of Straits Times REIT Index as at 31 December 2019.4. Average 12-month gross dividend yield of Straits Times Index stocks as at 31 December 2019.5. Average 12-month gross dividend yield of Straits Times Real Estate Index as at 31 December 2019.6. China Government 10-year bond and Singapore Government 10-year yields as at 31 December 2019.7. Prevailing CPF-Ordinary Account savings rate.8. Average 12-month S$ fixed deposit savings rate as at 31 December 2019.

Sources: Bloomberg, Central Provident Fund (CPF) Board, Monetary Authority of Singapore, Dasin Retail Trust Management Pte. Ltd.

(3) (4) (5)

(6)

(7) (8)(2) (6)

Trust Structure

Net Property Income

16

UnitholdersDasin Retail Trust

Management Pte. Ltd.

Trustee-Manager

Singapore Dasin Commercial Holdings Pte. Ltd.

Singapore Project Companies1

China Project Companies3

Marketing Services

Property Management Services

SINGAPORE

CHINA

Properties

Property ManagerCommercial Manager

Singapore JiaXin Commercial Holdings Pte Ltd

Ownership of Units

Distributions Management Fees

100% Ownership Dividends Dividends100% Ownership

Singapore Project Companies2

100% Ownership Dividends 100% Ownership Dividends

100% Ownership Dividends

100% Ownership

China Project Companies4

Property

100% Ownership Dividends

Net Property Income100% Ownership

Notes:1. Includes Yi Xin Investments Pte. Ltd., Lan Xin Investments Pte. Ltd., Yuan Xin Investments Pte. Ltd., Yi Xin Management Pte. Ltd., Lan Xin Management Pte. Ltd., Sheng Xin Holdings Pte. Ltd., Sheng Xin Management Pte. Ltd. and Sheng Xin Properties Pte. Ltd.2. Includes Jia Xin Holdings Pte Ltd, Jia Xin Investments Pte Ltd and Jia Xin Management Pte Ltd.3. Includes Zhongshan Xinteng Commercial Management Co., Ltd., Zhongshan Xinrui Commercial Management Co., Ltd., Zhongshan Yuanxin Commercial Management Co., Ltd., Zhongshan Yicai Dasin Xinduhui Commercial Management Co., Ltd., Zhongshan

Xiaolan Dasin Xinduhui Commercial Management Co., Ltd., Zhongshan Shiqi Dasin Xinduhui Commercial Management Co., Ltd. and Zhongshan Xinkong Commercial Management Co., Ltd.4. Includes Zhuhai Xinmingyang Investment Co., Ltd. and Zhuhai Doumen Dasin Metro-Mall Commercial Management Co., Ltd.

Acts on behalf of Unitholdersand provides Management Services

Notes：1. http://www.sinooceancapital.com/2. https://www.htsec.com/ChannelHome/1803/index.shtml 17

Composition of UnitholdersMajor Unitholders:

▪ China Orient Asset Management

o One of China’s largest state-owned asset management companies whose main investment strategy includes investing in non-performing assets, stocks, fixed income and real estate

▪ Sino-Ocean Capital

o Subsidiary of the Sino-Ocean Group

o Leading professional investment institution engaged inalternative asset management in China

o Its business covers real estate investment, private equityinvestment, debt investment, investment consultation and 5overseas investments

o Previously clinched the “Golden Bull Award”, “Top 10China’s real estate fund brand”, “Top 10 Real Estate EquityInvestment Fund”

o Currently managing RMB100 billion worth of assets(1)

▪ Haitong Securities

o Founded in 1988, the firm exceeded RMB620 billion ofassets in 2019, its parent company’s assets exceededRMB120 billion and they are ranked second and thirdrespectively

o Has a comprehensive business platform and a matureoverseas business platform, operating in 14 countries andregions around the world(2)

22%

20%58%

Major Unitholders Others Sponsor

http://www.sinooceancapital.com/

https://www.htsec.com/ChannelHome/1803/index.shtml

18

Strong Sponsor

科技

文化医疗Dasin Holdings ShengxingShinwa Supermarket

▪ Founded in 1984, Zhongshan Dasin Holdings Co., Ltd. (Dasin Holdings), having operations in central cities of GBA

▪ Committed to becoming a diversified company with excellent real estate operations , leading commercial investment and operation capabilities, and a complete commercial ecological chain

▪ Dasin series brands: Dasin Metro Mall, Dasin Real Estate, Shengxing, Lixin Architecture, Green Decoration, New Concept Design, Dasin Property, Dasin Shinwa , Dasin Catering , Dasin Hotel, Dasin Food, Dasin Pass, Dasin School, Dasin Culture, Dasin Medical Treatment

Awards in 2019: ✓ 2019 China Real Estate Development Enterprise Top 10 Commercial Real Estate Operation

✓ Top 200 Enterprises in China Real Estate Development

✓ 2019 China Real Estate Development Enterprise Typical Project: Dasin Metro Mall

Retail as Core of Business Portfolio

Retail

Real Estate

Hospitality

Finance

Education

F&B

Technology

Land Transport

Medical

19

603

907 1,510

Dasin Retail Trust Portfolio Completed ROFR Properties Enlarged Portfolio

Extensive ROFR Pipeline Spanning Across Three Cities

11 completed ROFR Properties

6 ROFR Properties Under Development

603

876

1,479

▪ ROFR projects are located at the core of the GBA

▪ Most ROFR projects have already commenced and fulfilled the Trust’s prerequisites

▪ If all the completed projects are included in the Trust, the investment portfolio would be 1.5 times that of the current (according to GFA)

GFA ('000 sqm)

20

Investment and Growth Strategy

1.Investment Regions

▪ China including Hong Kong and Macau▪ Current focus on GBA

2. Asset Class

▪ Retail malls, to position and target more diversified and higher income segments

3. Financial Requirements

▪ Improve overall portfolio yield with long-term growth potential

Three Dimensions of Investment Strategy Strategy to Achieve Long-term Growth Trajectory

Asset Disposal

Property Development

PropertyRedevelopment

Asset Management

Asset Enhancement

Asset Acquisition

Improve assets qualities +DPU growth

LongTerm

Medium Term

Near Term

21

RMB’000

Shiqi Metro Mall Xiaolan Metro Mall

Dasin E-ColourOcean Metro Mall Doumen Metro Mall

Shunde Metro Mall Tanbei Metro Mall

▪ Since IPO in 2017, the Trust has expanded its assets under management by actively implementing investment growth strategies. If the proposed acquisitions are included, the valuation of the portfolio will expand by nearly three times within three years from listing

4,563.0

12,092.2

IPO 2017 2018 2019 2020

Tanbei Metro Mall Ocean Metro Mall Dasin E-Colour Shiqi Metro Mall

Doumen Metro Mall Shunde Metro mall Tanbei Metro Mall

RMB (mil)

Portfolio Valuation

Portfolio Overview

10.1%

14.1%

20.2%

4.0%3.0%

14.1%

11.1%

14.1%

3.0%1.0%

5.1%

Supermarket/hypermarket Department store

Food & Beverage outlets/Food courts Home Furnishings

Leisure & Entertainment Fashion

29.8%

29.8%

16.6%

3.1%

20.7%

23

▪ No single property will contribute more than 30% to the consolidated revenue of Dasin Retail Trust in 1Q2020

▪ Diversified trade mix with no trade sector accounting for more than 25% of rental income

Strong Investment Portfolio and Well Diversified Trade Mix

Existing portfolio (By income) (1)

Shiqi Metro Mall Xiaolan Metro Mall Ocean Metro Mall Dasin E-colour

Doumen Metro Mall

Trade Sector (By rental income) (1)

Note:1. Based on total rental income as of 31 March 2020.

Doumen

Metro Mall

20.7%

Shiqi Metro

Mall

29.8%

Xiaolan

Metro Mall

29.8%

Ocean

Metro Mall

16.6%

Dasin E-Colour

3.1%

24

Intrinsic Organic Growth

▪ Leases with annual fixed rent and fixed rent with built-in escalation provide income stability and organic growth

▪ Remaining leases with turnover rent components provide potential upside in rental income

▪ Approximately 4% of the Trust’s gross rental income with pure turnover rent leases are expected to be most impacted by the COVID-19 outbreak. The impact is gradually decreasing

Lease Structure (1) Balanced Mix of Stable and Growth assets(1)

Stable assets Growth assets

5%

12%

48%

64%

36%

20%

11%

4%

NLA%

GRI%

Fixed Rent Fixed Rent with Built-in Escalation

Higher of Base Rent or Turnover Rent Pure Turnover Rent

Note: 1. Based on revenue of 1Q 2020.

▪ Overall occupancy rate remains stable, and total revenue continues to grow

▪ Excluding the areas involved for AEI, the actual occupancy rate would be higher

25

Historical Occupancy Rate

100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

97.6%

99.1%

97.6%

98.4% 98.6% 98.8%

96.8%

1Q2017 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 4Q2018 1Q2019 2Q2019 3Q2019 4Q2019 1Q2020

3Q2018: The start of AEI in both Shiqi Metro Mall and Xiaolan Metro Mall accounted for 3.95% of the overall area；4Q2018: The start of AEI in Shiqi Metro Mall accounted for 1.19% of the NLA

1Q2019: The start of AEI in Xiaolan Metro Mall accounted for 0.70% of the NLA

4Q2019: The start of AEI in Ocean Metro Mall accounted for 2.9% of the NLA

4.4%

12.5%

5.5% 4.5%

24.5%

48.7%

14.8%17.7%

8.7% 6.4%

18.4%

34.0%

FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 & Beyond

NLA as at Mar 2020 (sqm) GRI in Mar 2020 (RMB)

3,074 sqm

1,739 sqm

2,882 sqm

8,206 sqm

1Q2020 2Q2020 3Q2020 4Q2020

Doumen Metro Mall

Dasin E-colour

Ocean Metro Mall

Xiaolan Metro Mall

Shiqi Metro Mall

26

Well-Spread WALE

WALE: 6.7 years (by NLA)4.5 years (by GRI)

As at 31 March 2020 No. of leases

Gross Rental Income(1)

RMB’000 % of total

FY2020 232 2,609 14.8%

FY2021 240 3,136 17.7%

FY2022 68 1,546 8.7%

FY2023 47 1,123 6.4%

FY2024 71 3,247 18.4%

FY2025 & Beyond 77 6,010 34.0%

Note: 1. Based on GRI in March 2020.

Financial Performance

28

CAGR: 9.6%

57.3

46.6

18.0

71.3

57.3

21.2

76.0

60.0

23.3

Total revenue (S$ mil) Net property income (S$ mil) Distributable income (S$ mil)

2017 2018 2019

CAGR: 9.0%

CAGR: 8.8%

Steady Growth in Revenue, NPI and Distributable Income Since IPO

302 264 247 192 82

55%48% 45%

35%15%

85%74%

69%

54%

23%

0%

50%

100%

0

100

200

300

400

2017 2018 2019 2020 FY2021

Number of units which will not be entitled to distribution ('mil)

% of total outstanding units as at the listing date

% of units held by Aqua Wealth Holdings Limited and Bounty Way Investments Limited as at the Listing Date which will not be entitled to distribution29

Distribution Per Unit

7.16 7.226.82

3.253.81 3.95

0

2

4

6

8

2017 2018 2019

With distribution waiver (cents) Without distribution waiver (cents)

Distribution per unit (cents) (without waiver) continues to grow

(1)

Note:(1) The total outstanding units was 549,606,331 as at Listing Date on 20 January 2017.

30

Balance Sheet

1,040

1,637 1,579

1,960

582788 803

1,074

0

1,000

2,000

2016 2017 2018 2019

Total assets Total liabilities

Total Assets/Total Liabilities (S$ mil)

NAV per Unit (S$)

1.25

1.531.39 1.37

0.208

0.206

0.198 0.193

0.180

0.200

1.00

1.50

2016 2017 2018 2019

NAV per unit RMB against SGD

S$’000 unless otherwise stated As at 31 December 2019

Investment Properties 1,831,173

Cash and Cash Equivalents 115,691

Other Assets 13,540

Total Assets 1,960,404

Loans & Borrowings 705,513

Other Liabilities 369,163

Total Liabilities 1,074,676

Net Assets 885,728

No. of Issued and Issuable Units (‘000) 648,628

NAV per Unit (S$ cents) 1.37

1.1 78.61.0

1.0 1.0 90.9-

432.9

108.8

2020 2021 2022 2023 … … … 2028 2029

Debt maturity profile (as at 31 March 2020)

Onshore Facility Offshore Facility

31

Proactive Capital Management

▪ No major refinancing requirements until 2021

▪ The Trustee-Manager is in active negotiations with banks to renew the debts due in January 2021

Gearing(1) 36.2%

Weighted Average Term to Maturity (Years)

Onshore Facility 5.5

Offshore Facility 1.1

Note：1. Gearing is calculated based on total gross borrowings of S$729,790,000 divided by the total assets of S$2,017,965,000 as at 31 March 2020.

(S$mil)

32

Challenges from COVID-19 Outbreak

S$’000 unless otherwise stated 1Q2020(1) 1Q2019(2) Change (%)

Revenue 13,743 17,397 (21.0)

Net Property Income (NPI) 10,436 15,001 (30.4)

Amount available for distribution 3,282 5,329 (38.4)

Distribution Per Unit (DPU) (cents)(With Distribution Waiver) 0.71 1.70 (58.2)

DPU (cents)(Without Distribution Waiver) 0.50 0.95 (47.4)

▪ Revenue was lower by approximately 21.0 % year-on-year (y-o-y) mainly due to the impact of COVID-19. As a result, revenue decreased by approximately S$1.5 million and approximately S$6.0 million of rental rebate (including rental rebate of S$1.6 million to interested persons and related parties) was provided to tenants in February 2020 and March 2020

▪ In addition, rental rebate of S$1.9 million (including S$0.2 million to interested person and related parties) has been granted to tenants in April 2020

▪ The decreases were partly offset by revenue contributed by Doumen Metro Mall of approximately S$4.1 million. Doumen Metro Mall was acquired by DRT in September 2019

▪ NPI was down by approximately 30.4% y-o-y largely due to lower revenue, property expenses of approximately S$0.9 million contributed by Doumen Metro Mall, additional impairment loss on receivables of approximately S$0.8 million(3), offset by lower property operating expenses of approximately S$0.6 million resulted from lower electricity charges, lower property tax and property tax rebates provided by local government

▪ Exchange loss for 1Q2020 amounted to S$14.1 million (1Q2019: S$0.9 million). The exchange loss for 1Q2020 was due mainly to unrealised exchange loss totalling S$13.5 million from the weakening of the SGD against USD and HKD on the USD and HKD denominated bank loans of US$134.3 million and HK$294.0 million respectively. An unrealised exchange difference does not affect the distributable income of the Trust

Notes: 1. For the three-month financial period ended 31 March 2020. The actual results of the Trust’s foreign operations were converted using the average RMB/SGD rate of 5.0268 for the three months ended 31 March 2020 (1Q2019: 4.9479).2. For the three-month financial period ended 31 March 2019.3. Approximately 58% of gross receivables as at 31 March 2020 has been collected as of 14 May 2020.

33

DRT’s Precautionary Measures and Government’s Support Policies for Businesses in response to COVID-19

Announcement on 28 Jan 2020

▪ From 26 January 2020, Dasin Retail Trust’s five retail malls shortened operating hours from 10:00 to 16:00

▪ With the exception of the provision of essential services such as supermarkets and certain F&B outlets etc

▪ Cinemas, KTVs, ice skating rings, bookstores and other crowded places were temporarily closed

▪ Shiqi Metro Mall, Xiaolan Metro Mall, Dasin E-Colour and Doumen Metro Mall resumed normal operating hours since 24 February 2020, while Ocean Metro Mall reverted to its normal operating hours on 2 March 2020(1)

▪ Trustee-Manager is granting eligible tenants rental rebates on case-by-case basis while working with others to roll out marketing and promotional activities

▪ As at 15 May 2020, all KTVs at the four malls(2) have resumed operations

▪ Dasin Retail Trust’s four shopping malls in Zhongshan City were exempted from property and land taxes from 1 February to 31 March 2020

▪ Between 1 February and 30 June 2020, employer’s medical insurance contribution are based on 50% while subsidiaries in China are exempted from making employer social security contribution, i.e. pension, medical and work-related injury insurance

▪ Electricity bills are settled at 95% of the total bill during the same period

The Trust will continue to assess the impact of the COVID-19 pandemic and will announce any material developments on its business, operations and assets value in a timely manner in compliance with Rule 703 of the Listing Manual

Announcement on 19 March 2020 - 15 May 2020

Chinese government’s support policies

Notes: 1. Except for cinemas, KTVs, ice skating rings, bookstores and other crowded places which were temporarily closed.2. Shiqi Metro Mall Xiaolan Metro Mall, Ocean Metro Mall and Dasin E-Colour.

34

Recovery in Revenue Supported by Marketing Initiatives to Attract Consumer Traffic

Initiatives to drive consumer traffic in light of COVID-19

▪ Live streaming from malls to drive tenants’ sales through live streaming app “Dasin Hui” (大信荟）with more than 470,000 members

▪ Dasin Retail Trust hosted more than 42 live broadcasts(2) hosted by influencers to promote a plethora of tenants’ items sold at the malls

Recovery in malls’ turnover rent

4Q2019 Jan 2020 Feb 2020 Mar 2020 Apr 2020

Turnover Rent(1)

Average monthly turnover rent in 4Q2019

-63.9%

-36.9%

-31.8%

24.8%

Notes:1. Includes VAT. 2. From 1 March 2020 to 28 April 2020.

Development of Proposed Acquisition

36

Key Acquisition Rationale

5

Attractive value proposition

1

Strengthening of foothold in the fast-developing Greater Bay Area

2

Strategicacquisitionof strong-performing assets

3

Enlarged portfolio providing greater income resilience

4

Improvement in portfolio occupancy, WALE and land lease tenure

6

Positive impact on the Enlarged Portfolio

7

Increase in market capitalisation and free float

37

Transaction Overview

Proposed Acquisition

▪ 100% of the shares in the Singapore Holdco (as defined in the Circular(1)), from the vendor, which holds the Properties:• Shunde Metro Mall in Shunde district, Foshan City;

and• Tanbei Metro Mall in Dongshen Town, Zhongshan

City

Aggregate Agreed Property Value(2)

▪ S$375.0m

Total Acquisition Cost

S$333.0m comprising:▪ Share consideration (representing the cash outlay) of

S$65.1m;▪ Repayment of existing indebtedness of S$247.8m;▪ Acquisition fee of S$2.4m payable in units to the

Trustee Manager; and ▪ Estimated professional and other fees and expenses of

S$17.7m

Method of Financing ▪ Combination of debt, equity financing and internal

funding▪ Equity financing in the form of a private placement

Transaction progress

▪ Nov 2019: Announcement of the proposed acquisition of Shunde Metro Mall and Tanbei Metro Mall

▪ Dec 2019: The proposed acquisition was approved by Unitholders at the Extraordinary General Meeting

▪ May 2020: Updates provided on the development status of the Trust and the financial impact of the acquisition

Notes:1. The “Circular” means the circular issued to the Unitholders dated 5 December 2019.2. “Agreed Property Value” means the agreed property value of each Property, which was negotiated on a willing-buyer and willing-seller basis taking into account the independent valuations conducted by the Independent Valuers (as defined in the Circular).

38

Positive Impact on the Enlarged Portfolio (Pro forma FY2019)

Notes:1. As applicable, assuming that (a) the Shunde Property and Tanbei Property operated at an occupancy rate of 99.0% in FY2019, which is similar to the occupancy rate of 99.1% as at 31 December 2019; (b) Actual turnover rents which were waived during the rent-

free period in accordance with the tenancy agreements were added back in arriving at the proforma revenue for FY2019, such rent-free periods granted during the initial terms of the tenancy agreements have since ended in or before September 2019; (c) other income for the Shunde Property and Tanbei Property was based on the actual financial performance for FY2019 with certain adjustments, which include the normalisation of car park income based on the average car park income derived between June –December 2019; (d) the Shunde Property and Tanbei Property had operating expenses (excluding property related tax) representing approximately 8.0% of the rental revenue of the Shunde Property and Tanbei Property; and (e) the trustee fee and management base fee were payable since 1 January 2019.

2. The DPU was based on the sum of DPU for the following periods: (i) Period from 1 January 2019 to 31 March 2019: with Distribution Waiver of 1.81 cents; (ii) Period from 1 April 2019 to 30 June 2019 with Distribution Waiver of 1.81 cents; (iii) Period from 1 July 2019 to 11 September 2019 with Distribution Waiver of 1.46 cents; (iv) Period from 12 September 2019 to 30 September 2019 with Distribution Waiver of 0.36 cents; (v) Period from 1 October 2019 to 31 December 2019 with Distribution Waiver of 1.81 cents.

3. DPU is derived after taking into consideration 247,323,000 units as at 31 December 2019 held by Aqua Wealth and Bounty Way that are subject to a distribution waiver. The DPU was based on the sum of DPU for the following periods: (i) Period from 1 January 2019 to 31 March 2019: without Distribution Waiver of 1.15 cents; (ii) Period from 1 April 2019 to 30 June 2019 without Distribution Waiver of 1.15 cents; (iii) Period from 1 July 2019 to 11 September 2019 without Distribution Waiver of 0.93 cents; (iv) Period from 12 September 2019 to 30 September 2019 without Distribution Waiver of 0.24 cents; (v) Period from 1 October 2019 to 31 December 2019 without Distribution Waiver of 1.24 cents.

4. The total number of units in issue as at 31 December 2019 includes (a) approximately 3.1m acquisition fee units, which are assumed to have been issued at the illustrative issue price of S$0.7810 per unit, (b) approximately 1,157,000 units issued as payment to the trustee-manager as payment of the base management fee which are assumed to have been issued at illustrative issue price of S$0.8488 – S$0.8819 per unit (based on the 10-day volume weighted average price (VWAP) up to 31 March/30 June/30 September/31 December 2019), and (c) approximately 120.1m new units issued pursuant to the private placement, which are assumed to have been issued at the illustrative issue price of S$0.7810 per new unit.

5. Existing Portfolio refers to the five properties held by Dasin Retail Trust as at 31 December 2019/31 March 2020 as applicable.6. Enlarged Portfolio refers to the Existing Portfolio together with the Shunde Property and the Tanbei Property collectively (the “Properties”).

FOR ILLUSTRATIVE PURPOSES ONLY:The pro forma financial effects of the Proposed Acquisition on Dasin Retail Trust’s DPU for FY2019, as if the Proposed Acquisition was completed on 1 January 2019, and as if Dasin Retail Trust held the Properties through to 31 December 2019, are as above.

Revenue & NPI

76,007

59,982

97,371(1)

76,968(1)

Revenue (S$'000) NPI (S$'000)

Existing Portfolio(5)

Enlarged Portfolio(6)

Existing Portfolio

Enlarged Portfolio

28.1%

28.3%

23,270

33,418

Existing Portfolio

Enlarged Portfolio

Distributable IncomeAttributable to Unitholders

43.6%

Distributable IncomeAttributable to Unitholders (S$’000)

Distribution Per Unit (DPU)

6.82

3.95

7.20(2)(4)

4.70(3)(4)

DPU with DistributionWaiver(cents)

DPU without DistributionWaiver (cents)

Existing Portfolio

Enlarged Portfolio

Existing Portfolio

Enlarged Portfolio

19.0%

5.6%

39

Positive Impact on the Enlarged Portfolio (Pro forma 1Q2020)

现有投资

物业组合

FOR ILLUSTRATIVE PURPOSES ONLY:The pro forma financial effects of the Proposed Acquisition on Dasin Retail Trust’s DPU for 1Q2019, as if the Proposed Acquisition was completed on 1 January 2020, and as if Dasin Retail Trust held the Properties through to 31 March 2020, are as above.

Notes:1. As applicable, assuming that (a) all tenancy agreements as at 31 March 2020 were in place since 1 January 2020; (b) other income for the Shunde Property and Tanbei Property are based on the actual financial performance for first 3 months of year 2020 with

certain adjustments; (c) the Shunde Property and Tanbei Property had operating expenses (excluding property related tax) representing approximately 8.0% of the rental revenue of the Shunde Property and Tanbei Property; and (d) the trustee fee and management base fee were payable since 1 January 2020. The rental revenue of Shunde Property and Tanbei Property included a one-off impact arising from the COVID-19 amounting to S$1.8m due to decrease in revenue and rental rebate provided to tenants.

2. DPU is derived at based on distributable income attributable to unitholders divided by units (issued and issuable) entitled to distribution under distribution waiver at the end of the period of 457,964,000 units after taking into consideration 192,362,000 units as at 31 March 2020 held by Aqua Wealth and Bounty Way that are subject to a distribution waiver.

3. DPU is derived at based on distributable income attributable to unitholders divided by units (issued and issuable) entitled to distribution under distribution waiver at the end of the period of 581,487,000 units after taking into consideration 192,362,000 units as at 31 March 2020 held by Aqua Wealth and Bounty Way that are subject to a distribution waiver.

4. DPU is derived at based on distributable income attributable to unitholders divided by units (issued and issuable) at the end of the period of 650,326,000 units.5. DPU is derived at based on distributable income attributable to unitholders divided by units (issued and issuable) at the end of the period of 773,850,000 units. 6. The total number of units in issue as at 31 March 2020 includes (a) approximately 3.1m acquisition fee units, which are assumed to have been issued at the illustrative issue price of S$0.7810 per unit, (b) approximately 267,000 units issued as payment to the

trustee-manager as payment of the base management fee which are assumed to have been issued at illustrative VWAP issue price up to 31 March 2020 of S$0.79983 per unit, and (c) approximately 120.1m new units issued pursuant to the private placement, which are assumed to have been issued at the illustrative issue price of S$0.7810 per new unit.

3,282

4,316

31.5%

Existing Portfolio

Enlarged Portfolio

Distributable IncomeAttributable to Unitholders

Distributable IncomeAttributable to Unitholders(S$’000)

13,743

10,436

17,335(1)

13,370(1)

Revenue (S$'000) NPI (S$'000)

Revenue & NPI

28.1%

26.1%

Existing Portfolio

Enlarged Portfolio

Existing Portfolio

Enlarged Portfolio

Distribution Per Unit (DPU)

0.71(2)

0.50(4)

0.74(3)(6)

0.55(5)(6)

DPU with DistributionWaiver(cents)

DPU without DistributionWaiver (cents)

10.0%

Existing Portfolio

Enlarged Portfolio

Enlarged Portfolio

Existing Portfolio

4.2%

40

Pro Forma NAV

Notes:1. NAV per unit is computed by NAV divided by issued and issuable units. The investment properties included in net assets were based on independent valuations by JLL and Colliers as at 31 December 2019. Please refer to footnote 1 in slide 11 for further details. The

Trustee Manager also commissioned a valuation on Shunde Metro Mall and Tanbei Metro Mall as at 31 December 2019. The valuations were performed by JLL and stood at RMB2,533.0m and RMB77.2m respectively as at 31 December 2019. 2. Assuming that Dasin Retail Trust draws down bank borrowings of S$238.8m in connection with the acquisitions of the Shunde Property and Tanbei Property, primarily to discharge S$259.0m of the total net liabilities of Shunde Holdco and Tanbei Holdco and that the

acquisition fee of approximately S$2.4m is paid in units.3. The total number of units in issue as at 31 December 2019 includes (a) approximately 3.1m acquisition fee units, which are assumed to have been issued at the illustrative issue price of S$0.7810 per unit; and (b) approximately 120.1m new units issued pursuant to

the private placement, which are assumed to have been issued at the illustrative issue price of S$0.7810 per new unit.4. Assuming that Dasin Retail Trust draws down bank borrowings of S$238.8m in connection with the acquisitions of the Shunde Property and Tanbei Property, primarily to discharge S$259.0m of the total net liabilities of Shunde Holdco and Tanbei Holdco and that the

acquisition fee of approximately S$2.4m is paid in units. 5. The total number of units in issue as at 31 March 2020 includes (a) approximately 3.1m acquisition fee units, which are assumed to have been issued at the illustrative issue price of S$0.7810 per unit; and (b) approximately 120.1m new units issued pursuant to the

private placement, which are assumed to have been issued at the illustrative issue price of S$0.7810 per new unit.

FOR ILLUSTRATIVE PURPOSES ONLY: The pro forma financial effects of the Proposed Acquisition on the NAV per Unit as at 31 December 2019, as if the Proposed Acquisition was completed on 31 December 2019, are as follows.

Before the Proposed Acquisition

After the Proposed Acquisition

NAV represented by Unitholders’ funds (S$’000)

913,550 1,149,093(4)

Issued and issuable Units (‘000)

650,327 773,583(5)

1.40

1.49

1.37

1.44

Enlarged Portfolio

Existing Portfolio

Before the Proposed Acquisition

After the Proposed Acquisition

NAV represented by Unitholders’ funds (S$’000)

885,728 1,109,162(2)

Issued and issuable Units (‘000)

648,628 771,885(3)

5.1%

NAV Per Unit(1) (Pro forma as at 31 March 2020)

6.4%

Enlarged Portfolio

Existing Portfolio

FOR ILLUSTRATIVE PURPOSES ONLY: The pro forma financial effects of the Proposed Acquisition on the NAV per Unit as at 31 March 2020, as if the Proposed Acquisition was completed on 31 March 2020, are as follows.

NAV Per Unit(1) (Pro forma as at 31 December 2019)

41

Increase in Market Capitalisation and Free Float

Up to 120.1 million(1)

New Units to be issued out of which 120.0 million will be under the Private Placement, and balance of 0.1 million under the general mandate

Payment of acquisition fee in the form of acquisition fee Units of

~3.1 million(1)

Units

to Trustee-Manager

~123.2 million(1)

New Units

The increase in the total number of Units in issue, which results in an increase in market capitalisation and free float, potentially improving the trading liquidity of the Units.

Note:

1. For illustrative purpose only.

18.5%(1)

of the total number of Units in issue as at 15 May 2020

Outlook

43

Outlook

China Economic stimulus

▪ Economic data for 1Q2020 decreased due to COVID-19

▪ Major economies across the world have launched various COVID-19 preventive measures between March and May which have caused disruptions to businesses, expects 2Q2020 economic data to be affected as well

▪ While China seems to have controlled the spread of the coronavirus, the possibility of a second wave still exists

▪ China’s government have been swift in introducing monetary and fiscal policies in response to the COVID-19 outbreak

▪ Monetary policy:o Cutting banks’ reserve requirement ratios and interest rates

▪ Fiscal policy:o Accelerating investments in high-tech infrastructures and urbanisationo Reduction of business costs by including periodic tax exemptions and providing

subsidieso Improving the social security system and income distribution to encourage growth in

consumer demand

▪ 14 May: PBOC, CBIRC, CSRC and SAFE jointly issued a total of 26 specific measures to promote trade and investments in the Greater Bay Area

Dasin Retail Trust Proactive Management

▪ Uncertainties are expected in the short term, and the business environment remains challenging

▪ Remains optimistic about the performance for the second half of 2020

▪ Will continue to observe the situation closely and prepare for short-term challenges

▪ The existing lease structures are highly resistant; will continue looking to optimize the tenant mix

o Continue to foster amicable relationship with the tenants

▪ Experienced ground staff who are knowledgeable and sensitive to retail trends o Leveraging on O2O platforms to meet changing consumer demands

▪ Healthy financial position and strong operational capabilitieso Strict cost controls and risk management strategies

Thank you

For enquiries, please contact:Mr. Chua Sian HoweInvestor RelationsDasin Retail Trust Management Pte. Ltd.Tel: +65 6509 8626Email: [email protected]

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